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OPEC+ compliance with oil production cuts reached 120% in December, the highest level since putting the output quota system into effect in May 2020.
The production of the alliance’s 19 member states fell by 747,000 barrels per day (bpd) than December’s agreed target.
Crude production grew by 273,000 bpd on a monthly basis to 37.6 million bpd.
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